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This table shows the Information Technology and Innovation Foundation’s best-guess estimates of the budgetary impact of the Republican and Democratic Presidential candidates’ publicly-stated science, technology, and innovation proposals.

In our calculations, we included only policies we deemed directly relevant to science, technology and innovation issues. For example, Sen. John McCain’s proposal to cut corporate tax rates from 35 percent to 25 percent is arguably an important part of McCain’s overall approach to funding innovation competitiveness by freeing capital for firms to invest in innovation. But we’ve excluded it because it’s not specifically a science, technology innovation policy issue. ( A summary of the budget impacts of the candidates’ tax proposals, can be found on pages 18 and 22 of the Analysis of the 2008 Presidential Candidates’ Tax Plans from the Urban Institute’s Tax Policy Center at http://www.taxpolicycenter.org/taxtopics/presidential_candidates.cfm.) We’ve also excluded other policies tangentially related to innovation, such as funding for new education programs or college tax credits, unless they specifically pertain to the use of technology in education.

We find Sens. Obama and McCain would commit approximately $85.6 billion and $78.8 billion annually, respectively, in resources towards science and technology policy.

About $70.6 billion , or 90 per cent, of the budgetary impact of McCain’s policies stems from tax expenditures in the form of extending research and development tax credits and allowing firms tax deductions for investments in equipment and technology in their first year. McCain proposes about $8 billion in new federal funding for science, technology, innovation initiatives (including fully funding the America Competes Act.)

Obama’s approach features new outlays in federal expenditures to support new science, technology, and innovation initiatives, especially through his proposals to double federal research and development funding for basic research, to fund $150 billion (over 10 years) for clean and alternative energy research, and $50 billion (over five years) for health information technology. Eighty-three percent of the budgetary impact of Obama’s proposals stem from over $71 billion worth of new direct expenditures for science, technology, innovation programs, and only 17 percent ($14.5 billion) from tax revenue forgone by extending corporate research and development tax credits  roughly the inverse of McCain’s proportions.